Sunday, July 10, 2011

Mets Morning News: Bankruptcy, K-Rod Switches Agents, Injury Updates

According to the Daily News, now that the $1 billion lawsuit against the Mets owners has been moved out of bankruptcy court, it's less likely that Fred Wilpon and Saul Katz will remain in control of the team.
According to sources who have followed the deal, Judge Jed Rakoff''s July 1 ruling that moved Irving H. Picard v. Saul B. Katz et al into the Southern District of New York has changed the landscape for the Mets' owners, who face the massive suit filed against them by Picard, the trustee for victims of the Bernie Madoff Ponzi scheme, and has given them a better chance at a more favorable outcome in the case. That, in turn, makes it much less likely that Wilpon and Katz will be forced to sell control of their team to pay what would be a debilitating judgment, and less likely that Einhorn can "short sell" the Mets, or bet against the owners' ability to settle the claim for far less than the $1 billion Picard is seeking.
Having the case pulled from bankruptcy court also means that the Mets owners may be forced to pay a much smaller amount.
Translated, that means that Wilpon and Katz might be on the hook for more like $150-$200 million in profits from their investments with Madoff, not the $700 million in principle and $300 million in fictitious profits that Picard is suing them for.
Adam Rubin writes that Francisco Rodriguez has reportedly switched agents. K-Rod has supposedly left former agent Paul Kinzer, and switched to Scott Boras.
Since this is K-Rod's last deal with the Mets, the impact may be minimal to the organization. The only issue that could arise is if the Mets try to trade K-Rod to one of the 10 teams on his no-trade list, and Boras has a difficult stance as far as securing an extension or some other additional compensation.
Injury updates via MLB's Anthony DiComo:
  • David Wright has been running at full speed, and he will begin running the bases and sliding on Monday.
  • Ike Davis felt great after running on a treadmill and putting 100 percent of his weight on his left ankle.
  • Jose Reyes began hitting, throwing, and fielding during batting practice on Saturday in San Francisco.
Here is Ike Davis talking about his rehab:

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